USDA April Report
by Steve Bridg
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posted Jul 18 2012 9:04PM
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USDA cuts soybean, wheat supply, leaves corn unchanged
USDA has tightened domestic ending stocks projections for soybeans and wheat, while leaving corn unchanged.
Corn ending stocks were left steady with last month at 801 million bushels with no changes to the balance sheet. Before the report, analysts were expecting a sizable decrease but the supply is still considerably below last year's level. The average farm price for corn is estimated at $6 to $6.40 per bushel. Mike Krueger, of the Money Farm, shared his thoughts from the the Minneapolis Grain Exchange.
Also, USDA lowered its Argentine corn production estimate a half million tons to 21.5 million and cut beans 1.5 million tons to 45 million, while leaving Brazil corn unchanged at 62 million tons and lowering soybeans 2.5 million tons to 66 million.
Soybean ending stocks were reported at 250 million bushels, down 25 million from a month ago but up 35 million from a year ago. USDA raised the crush and export estimates as expected while making modest cuts to the seed and residual use categories. The average farm price for soybeans is estimated at $12 to $12.50 per bushel.
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Steve joined the WFMB family in 2002. He started working as a part-time host of the Press box on Wednesday's and Thursdays. Although not from farming family he took over the role of farm broadcaster for the station in 2009.
